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CBOT corn, soybeans extend rally
- 20 Jan, 2019
- United States
Chicago Board of Trade (CBOT) corn and soybean futures rose for the third consecutive session as adverse weather in Brazil and China trade optimism continued to support the markets.
On Friday, CBOT March soybeans were up 9 cents, or 0.99 percent to settle at 9.1675 dollars per bushel. March corn was up 1.75 cents, or 0.46 percent to settle at 3.8175 dollars per bushel. March wheat was unchanged at 5.1775 dollars per bushel.
Hot and dry weather conditions will continue to impact many parts of Brazil next week, according to weather forecasters. This could lead to further yield losses of corn and soybeans there.
U.S. soybean prices have also been boosted sharply in the past two days by the Wall Street Journal report that the United States is considering lifting tariffs imposed on China to hasten a trade deal between the world's two largest economies.
The news not only pushed up U.S. equities but also led to expectations among CBOT traders for better soybean exports performances.
CBOT wheat, which posted moderate gains during the morning trading, closed unchanged over profit-taking, said market watchers.
Source: http://www.xinhuanet.com/english/2019-01/19/c_137755907.htm
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